Sometimes i think if the present Nigeria economic was only affecting the average Nigerians, not knowing that it’s also affecting Airtel. According to the latest news in town now, Airtel is planning to close operations in Africa including Nigeria because it’s been a bad year for Airtel as they have lost $91 million in the quarter of September 2016.
According to Bloomberg;
“Airtel is considering mergers or stake sales at some of its Africa operations as it looks to cut debt and make its biggest overseas acquisition profitable.”
This means that Airtel is planning to settle their debt by selling some of their Africa operations.
At the World Economic Forum in Davos, Mr. Mittal, the chairman of Bharti Airtel said;
“This process would be completed within a year and would affect some of Bharti’s businesses in 15 African nations, including Nigeria.”
In order to reduce the debt, Airtel is now planning to sell stake in Bharti Infratel Ltd which is the TOWER UNIT. A committee was studying whether the sale would be a minority stake or control of the tower unit and a decision could be taken in a month.